Monzo credit card would be great (even if just a rebrand initially with a feed in the app), so I hope Monzo listens to this. It could surely help them make money too from all those who spend on a cc and not a bank card.
Personally I don’t think this is innovative functionality.
People want pots to act like full accounts (i.e. allow payments from them). That’s just normal expected behaviour from a bank account and if there had to be a limit on no of accounts to offer this I imagine most customers would be happy with that.
I do think tying everything to one personal current account is a mistake which would make a lot of problems go away if they fix it. e.g. joint accounts require current accounts, pots are subsidiary to a current account, third party cards are tied to a current account, virtual cards are tied to a current account and yet not related to pots, business account requires current account, advances in current therefore don’t come to other account types, etc.
Each account should have one or more cards, users, etc. and allow payments in and out. Permissions decided by the account creator but transferable. Accounts should be associated with a user, not a current account.
Key word you used there is act, i dont want 10 different bank accounts registered with monzo. I love how i can segregate my money to certain things with pots.
I love having a bills pot which acts almost like my old setup with my legacy account where i had a second account with no card attatched that i paid direct debits from.
I also love having another pot dedicated to having my amex spending amount and a payment solely comes out of this. With a legacy i wouldnt bother having another account to do this but monzos flexability allows me to which is super useful.
I also love having multiple different pots for savings for different items, again i suppose i could have multiple savings accounts but i think that would look a bit silly having a account open purely to hold tbe £900 i have saved away for my apartment management fee, or one for my ps5 savings etc
Monzo’s “acting” like an account strategy is perfect for people like me who like to either envelope budget or envelope save (is this the correct term?)
I guess I should move to Netherlands or I guess anywhere else in Europe and use Bunq.
They give you up to 25 subaccounts. Each one has IBAN, can do SEPA payments in and out, and do direct debits. If that’s not enough you can pay more to get more. Also one can move/connect card to a given subaccount.
They also offer credit card product which is basically a secured credit card.
Would it be actually a problem to offer/activate sort code & account number for a pot if one asks?
Those pots being accounts would not stop any of that, it would just mean external payments just worked, cards assigned to pots etc just worked, instead of requiring strategies to manage them.
If creating an account were just like creating a pot, why not do so? Nothing would force you to have a card or set up external payments, but unlike pots the solution would be there and the work already done for those who want that on some pots.
Pots being accounts doesn’t remove any functionality - if anything it makes it simpler. From monzo’s point of view the only problem I can think of is resource exhaustion on external account nos, but exposing an external no could be optional. Along with fixing their internal problems with feature parity it would certainly solve the morass of features customers are asking for (cards on pots, payments from/to pots, dds from pots) which if completed would turn these pots into… accounts.
My ever changing plans has me creating and deleting pots pretty regularly, if those pots were actual bank accounts then I’d imagine there’d be more admin involved and I’m pretty sure that it would play havoc with the likes of my credit report. I don’t know enough about that subject to know if that’s the actual case though.
What I do like with the current setup for regular pots is that they are very much just between me and my app.
It adds complexity and makes things more complicated, im currently in the process of getting a mortgage. I wouldnt want to be showing statements for 12+ accounts/pots
I wouldnt want dozens of accounts active on my credit report
One doesn’t need to report basic accounts to credit agencies without credit lines.
Same way that savings accounts, ISA, investment accounts are not reported.
If thats the case then why does my monzo account be reported when i dont have an overdraft?
Monzo Credit Card with a good points programme…I would swap my AMEX for this!
Stocks and Shares ISA too please!
Current accounts are reported, but with a £0 balance
You don’t have overdraft, but you do have a credit line. As Monzo current account can go into unauthorized overdraft.
Only averse / credit information needs to go on CRA reports. If there is none, in general, one can opt out of reporting.
Love Virtual cards, but it would be great to lock a card to a specific vendor, that way if the vendor was compromised then it would not work. This would of help massively with big data breaches like the ticketmaster breach.
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Google Sheets Improvements/fixes
Virtual card round ups
Direct debit round ups
Pot to pot transfers
Pay Monzo Plus/Premium from a pot
Looks like the top 2 have been delivered (in one form or another), so that’s pretty good.
Dark mode to make it a trilogy
Building on this. I’ll add it to the wish list. Pots may not have account numbers, but there could be creative ways around it, using the payment reference.
I could send a link with the reference as the name of my pot, for instance. When someone sends me the money with that reference, it goes directly into the pot.
I’ve long wanted this.
Traditional banking paradigm would be to use roll numbers - building societies do that a lot.
For Pots I’d much rather something elegant and human readable, like #PotName.
(Or a rules engine. Please give us a rules engine. Separate app. I’ll pay).